After announcing an increase in profits,Westpac announced on Wednesday it would be raising mortgage rates to cover the cost of making it more secureThe news came on Wednesday that Westpac was raising its standard variable home loan rate by 20 basis points. It had been expected and demonstrates yet again that when the choice comes between profits and customers, banks will always choose profits.
It takes a fair bit of gall for a bank to announce it will be forcing home owners to pay approximately $45 a month more on an average home loan of $350000, or at the same time it announces its profits rose 6% over the preceding year.
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Source: theguardian.com